FCA to restrict platform exit fees

The Financial Conduct Authority (FCA) is considering either banning or capping exit fees charged by investment platforms. Christopher Woolard, executive director of strategy and competition at the FCA noted that even though the platform market is working well, it needs to be less expensive and time-consuming. According to him, restricting exit fees would make it easier for investors to shop around and move between platforms. Asset manager Vanguard has already called for exit fees to be banned completely, however, views from the wider market are still sought, giving interested parties until June 14 to respond.